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iTunes today updated to version 7.5. No word yet on if the update affects anything iPhone...

Let us know!

(thanks Savon for the tip)

update:

Syncing: OK
Option Restore: Ok
Downgrade Firmware : Ok

Further Update:

This DOES break iNdependence for now. So no using iNdependence with iTunes 7.5...

(thanks, Jobs)

iTunes 7.5 - 41.3MB
iTunes 7.5 features the ability to activate iPhone wherever service is offered and support for Phase, a new interactive music game designed exclusively for iPod nano (third generation), iPod classic, and iPod (fifth generation). This release also includes bug fixes to improve stability and performance.